The Pakistani rupee strengthened by Rs1.28 against the US dollar in Tuesday’s interbank market, citing sources among forex dealers.
The US dollar’s value declined from 276.83 rupees to Rs275.55 in interbank transactions while also experiencing a 50-paisa drop in the open market to Rs276.50, down from 277 rupees. According to foreign exchange dealers, banks are currently offering the US dollar to importers at Rs275.96.
In a notable development last week, the rupee appreciated by Rs5.07 against the dollar in the interbank market.
This trend saw the USD fall from 282.69 rupees to Rs277.62 by the week concluding on Friday (October 13).
In regulatory news, the State Bank of Pakistan (SBP) recently revoked the licenses of five Exchange Companies, effective immediately, for non-compliance with regulatory directives. The affected entities include International Exchange Company–B (Pvt) Limited, World Wide Exchange Company –B (Pvt) Limited, World Exchange Company –B (Pvt) Limited, Universal Exchange Company –B (Pvt) Limited, and United Exchange Company –B (Pvt) Limited.